Market Space Investigation
Which markets make sense for your concept?
A Broad-Based Market Assessment
Market Space InvestigationTM is a high-level assessment of multiple markets that provides a process and factual basis for developing and evaluating new concepts. It satisfies the need to understand the current market landscape and whether customers find your concept for a new product or new service attractive. Market Space Investigation enables your business team to
- Uncover the factors that would cause a market to have interest in your concept
- Identify information you would want to include in a quantitative concept test, using analytics to determine pricing and positioning
Market Space Investigation ensures that you don’t overlook potentially valuable market-specific opportunities for your innovation idea, and helps you select your most promising market-specific opportunity or opportunities for market validation. Market Space Investigation is done prior to chartering an innovation project.
What Does It Deliver?
Market Space Investigation delivers
- An opportunity matrix to prioritize markets based on demand for your new business development concept
- Insights into the markets under consideration, including in-kind and not-in-kind competition
- Marketplace vernacular to improve communication of your concept’s benefits
- A qualitative assessment ready for quantitative validation
Market Space Investigation can lead to a market-driven innovation project or projects, which will proceed through the deep, single market assessment in the Market Validation step.